Making Sure Your Cash-To-Close Comes From The Proper Source
March 28, 2010 by Thomas Cary Jr. · Leave a Comment
Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the […]
Talk the Talk – Know the Mortgage Lingo at Closing
March 28, 2010 by Thomas Cary Jr. · Leave a Comment
What the heck are they talking about? Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek. Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminology so that […]
Five Myths About Home Values
March 28, 2010 by Thomas Cary Jr. · Leave a Comment
During periods of economic growth, when home values are typically just going up, most homeowners do not question appraisals much. And in times of turmoil when property values are declining, home sellers and even listing agents quite often question and pick apart appraisals. However, the actual appraisal process changed very little over the course of the […]
How Do Mortgage Companies Value A Property That Has Not Been Built Yet?
March 28, 2010 by Thomas Cary Jr. · Leave a Comment
It’s obviously easier to picture the process of estimating value on an existing property in a neighborhood that has a history of home sales, but the task of determining the value on new construction projects does pose some challenges. Appraisals on homes that haven’t been built yet generally require the contractor and home buyer to […]
Top Five Market Factors That Influence Mortgage Rates
March 28, 2010 by Thomas Cary Jr. · Leave a Comment
Timing the market for the best possible opportunity to lock a mortgage rate on a new loan is certainly a challenge, even for the professionals. While there are several generic interest rate trend indicators online, the difference between what’s advertised and actually attainable can be influenced at any given moment by at least 50 different […]
What’s The Difference Between Interest Rate and Annual Percentage Rate (APR)?
March 28, 2010 by Thomas Cary Jr. · Leave a Comment
The difference between APR and actual note rate is very confusing, especially for First-Time Home Buyers who haven’t been through the entire closing process before. When shopping for a new mortgage loan, you may notice an Annual Percentage Rate (APR) advertised next to the note rate. The inclusion of an APR is actually mandated by […]